Friday, June 16, 2017

Nicaragua: New Injection Well Completed at San Jacinto Geothermal Project

Polaris Infrastructure Provides Drilling Program Update (News Release)

(Courtesy Polaris Infrastructure)
Polaris Infrastructure Inc. has provided an update with respect to the 2017 San Jacinto drilling program.

Consistent with the stated objective of maximizing long-term production at the San Jacinto project, the company's wholly-owned subsidiary, Polaris Energy Nicaragua S.A. (PENSA), began drilling a new injection well, SJ 11-2, in late April, 2017. The well was completed in early June 2017, on-time and under budget, after successfully hitting the targeted zone of permeability. Accordingly, we anticipate that SJ 11-2 will accept a significant volume of geothermal fluids for reinjection, further increasing operating flexibility with respect to the long-term management of the San Jacinto reservoir. We anticipate SJ 11-2 being available for service in late July 2017, following completion of routine construction and fabrication activities.

Further, we are pleased to confirm that drilling of SJ 4-2, a new production well, is scheduled to commence on June 18, 2017. The objective with SJ 4-2 is to further increase average production towards the 72 MW (net) level supported by both the purchase price agreement as well as installed turbine capacity at the San Jacinto project. Target completion date for SJ 4-2 is early August, 2017. In addition, Polaris Infrastructure is assessing whether to drill a second production well, after SJ 4-2, and expects to come to a decision in the next few weeks.

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